Term vs. whole life insurance — which is right for you?

Reviewed by licensed insurance agents· Updated July 2026

Term is cheap while it lasts; whole life never expires. For seniors the math usually favors whole life — here is the honest breakdown, backed by what our 1,595 buyers actually chose.

Quick answer

Term covers a set period (10-30 years) cheaply but expires — and renewing in your 70s is costly or impossible. Whole life costs more per month but never expires and never rises. That is why the overwhelming majority of our senior buyers choose whole life: it is the product designed for final expenses.

Side by side

	Term life	Whole life (final expense)
Lasts	10-30 years, then expires	For life
Premium	Low, but jumps at renewal	Higher, but locked forever
Medical exam	Usually required	No exam (simplified/GI)
Cash value	None	Builds slowly
Best for	Income replacement while working	Funeral & final expenses, 50+

76% of our 1,595 placed policies are for buyers aged 60-79 — nearly all whole life. Estimates based on our own placed-policy data (our internal systems), not carrier-published quotes.

Frequently asked questions

Is term life cheaper than whole life?

Per month, yes — while the term lasts. But term expires, and re-qualifying in your 70s is expensive or impossible. Whole life locks one premium for life.

Can seniors even buy term?

Some carriers write term to 70-75, usually with an exam. Most senior buyers choose no-exam whole life instead.

What do most seniors actually choose?

In our book, seniors overwhelmingly buy whole-life final expense — it matches the goal: covering a funeral whenever it happens.

Can I convert term to whole life?

Many term policies include a conversion option before a deadline — worth checking before your term expires. We can compare both paths.

Compare term and whole life for your situation

A licensed agent runs both options with real numbers — free, no obligation.

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